#China #Beijing #financial results #2024 #POP MART

POP MART Reports Record-Breaking Financial Results for 2024

Introduction

On March 26, 2025, POP MART International Group, based in Hong Kong and listed under the stock code HKG:9992, announced its financial outcomes for the fiscal year 2024. These results are nothing short of remarkable, showcasing a revenue surpassing 13 billion RMB and a significant net profit increase of 185.9% compared to the previous year.

Key Financial Highlights

In total, POP MART achieved a staggering revenue of 13.04 billion RMB, representing a year-on-year growth of 106.9%. The adjusted net profit reached 3.4 billion RMB, indicating an impressive leap in profitability. Notably, revenue sourced from Mainland China accounted for 7.97 billion RMB, reflecting a growth rate of 52.3%. Meanwhile, revenue from markets outside of Mainland China—including significant contributions from regions such as Hong Kong, Macao, and Taiwan—totaled 5.07 billion RMB, skyrocketing by 375.2% year-on-year.

Intellectual Property Development

A pivotal element of POP MART’s success in 2024 was the development of its intellectual property (IP) system. The company’s well-known characters, including THE MONSTERS, MOLLY, SKULLPANDA, and CRYBABY, played a vital role in driving revenue, collectively bringing in over 1 billion RMB. Furthermore, other IPs such as DIMOO WORLD, HIRONO, Zsiga, and HACIPUPU generated remarkable sales, exceeding 3 billion RMB. The original characters developed by POP MART’s studio, Pop Design Center, showcased remarkable performance, with HIRONO achieving a revenue surge of 730 million RMB, a remarkable year-on-year growth of 106.9%.

Expansion and Market Penetration

Continued growth in online and physical retail contributed significantly to POP MART's financial success in 2024. The company increased its physical footprint with 130 brick-and-mortar stores, including joint ventures. Additionally, the launch of 192 ROBOSHOPs (both joint ventures and franchises) demonstrated POP MART's commitment to expanding its innovative retail concept. The company ventured into new territories such as Vietnam, Indonesia, the Philippines, Italy, and Spain, establishing stores in iconic locations—highlighting a remarkable global reach. This extensive expansion began with the rollout of its globalization strategy in 2018, which enabled the brand to establish its presence in nearly 100 countries and regions worldwide.

Product Line Reorganization

A significant milestone in POP MART's development for 2024 was the reorganization of its product lineup into four distinct categories, a move that enhanced operational efficiency. The annual revenue from character figures was recorded at 6.94 billion RMB, representing a year-on-year increase of 44.7%; however, their overall contribution to total revenue reduced to 53.2%. In contrast, plush toys saw tremendous growth, achieving revenue of 2.83 billion RMB, which translated to an impressive year-on-year increase of 1289%, dominating 21.7% of the total revenue. Additionally, the MEGA COLLECTION brand matured in its operational capacity, generating 1.68 billion RMB, marking a 146.1% increase from the previous year. Other product lines, including merchandise and derivatives, similarly witnessed substantial growth.

Operational Efficiency

Emerging alongside POP MART’s broadening business operations were noteworthy improvements in key performance metrics. The gross profit margin climbed to a record 66.8%, a 5.5 percentage point increase from 61.3% in 2023. Meanwhile, inventory turnover days saw a decline, dropping from 133 days in 2023 to 102 days in 2024, further exemplifying the company’s enhanced operational efficiency and strong profitability.

Conclusion

As a key player in the global pop culture and entertainment sectors, POP MART remains committed to its mission of delivering joy through designer toys and engaging experiences. With over 500 stores in 30+ countries, 2,300 ROBOSHOPs, and operations across various e-commerce platforms, the company is primed for continued expansion and innovation. This impressive array of financial results not only underscores the efficacy of POP MART's strategic approach but also positions it strongly for ongoing success in the coming years.